Philippine Stock Index Climbs to 11-Month High After S&P Upgrade

May 9 (Bloomberg) -- Philippine Stock Exchange Index +1% as
of 9:31 a.m. in Manila, heading for highest close since June 10,
after S&P raises nation’s debt rating to BBB.
* “The credit-ratings upgrade is a bullish signal for stocks,”
says Jerome Gonzalez, head of research at Manila-based
Philequity, which oversees about $230m in funds
* NOTE: Debt rating increased to second-lowest investment grade
level from BBB- with stable outlook at Standard & Poor’s
* “This will help attract more fund inflows moving forward as
international investors have already been voting with their
money ahead of this upgrade,” Gonzalez says
* JG Summit (JGS PM) +3.3%, bound for sharpest gain since March
14; Philippine Long Distance (TEL PM) +2.8%, heading for highest
close since Oct. 8; Ayala Land (ALI PM) +2.3%, bound for highest
close since June 10
* NOTE: Philippine Stock Exchange Index +16% this year, the best
performer in Asia, boosted by the longest stretch of net foreign
inflows since at least 1999
* The measure may reach 7,147 by year end and 8,220 by end-2015,
Gonzalez says